Bitcoin Bull Rebound Signs Finally Arrives - Expert Analysis.
2021-06-13 | Selina Mathew

The price of the leading cryptocurrency, Bitcoin [
BTC], still
remains below a key moving average that is "not a bullish sign," says
in an official report, but signs of a rebound have finally arrived.
Within its latest market update
published on 11
th June, trading suite Decentrader highlighted three on-chain indicators calling for an imminent bullish continuation for BTC/USD.
Bitcoin has now spent almost a month below its 200- DMA.
This is often concerning, Decentrader warns, and external factors
like geopolitical sentiment continue to
weigh down sentiment.
"Bitcoin has kept the market on its toes as it continues to range between weekly support at $32k & near term resistance of the 200DMA presently at $42k," the update outlines.
"Uncertainty after the recent crash and fears around President Biden’s announcement at the G7 Summit this coming weekend around how the United States will tackle cryptocurrency in reference to recent ransomware attacks, are holding price down for now."
Bitcoin continued to range over the weekend, at the time of reporting trading near $36k amid few signs of quashing resistance closer to $40k.

Additionally, however, several measures of on-chain strength now suggest that the bounce from a bear run phase within an overall
market is now underway.
These are
well-known - active addresses sentiment, SOPR [Spent Output Profit Ratio], and stock-to-flow deviation.
Active addresses, meanwhile, measures whether Bitcoin is overbought or oversold at
a particular price point relative to
the number of active addresses on the blockchain.
Like SOPR, the indicator is presently
within the same position as just after the
market floor earlier in December 2018
and therefore the crash of March last year.
As such, if history repeats itself,
the sole way is far up.
"We received some similar signal yesterday, suggesting that $BTC price was oversold relative to active addresses on-chain
and will now be
able to recover over
the approaching weeks," the update explained.
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